Kimco Realty completed the acquisition of eight Long Island shopping centers for $376m.

Kimco Realty, a publicly traded owner and operator of open-air, grocery-anchored shopping centers, completed the acquisition of eight Long Island shopping centers for $376m. “This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely populated, suburbs that offers high barriers to entry and affluent communities. The strength of our balance sheet, ample liquidity and ability to provide a tax efficient transaction for the seller put us in a prime position to be opportunistic when this multi-generational portfolio emerged. The acquisition also brings us closer to our target of 85% of the company’s annual base rent coming from grocery anchored centers," Conor Flynn, Kimco CEO.